Doris Inc.: A Business Approach to Caring for Your Elderly Parents


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Family Caregiver Doris Inc. - A Business Approach to Caring for Your Elderly Parents

Erschienen am Beschreibung Autorenportrait Inhalt Informationen zu E-Books Proven strategies for finding balance in your life and career while maximizing the quality of life for an elderly personWhen Shirley Roberts' father passed away, her life and career were put on hold as the demands of caring for her elderly mother, Doris, began consuming more and more of her time and energy.

Using her business prowess, Shirley, with the help of her financial advisor brother, developed Doris Inc. Using their business skills, they found ways to maintain their own lives and careers while ensuring that their mother received top-notch care. Features concrete lessons and proven strategies for handling the challenges of eldercare; making tough decisions, finding help, reducing stressful crises and planning for the high costs of eldercare Offers practical guidance to avoid sacrificing your own life while providing the best care for your loved ones Tips on confronting and planning for your own golden years to ensure that you'll have a fulfilling life after retirement and that those who'll be caring for you won't be overly burdened.

Shirley Robertsis a graduate of the Ivey School of Business. To manage their wealth, they often turn to family offices - private wealth management advisory firms. Mr Chia says that planning ahead for the wealthy can help keep family unity and prevent squabbles over inheritance. Family offices can also spread the distribution of wealth over an extended period so that the children won't be "spoilt" with the sudden wealth, he adds.

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When life ends, a host of issues crop up for loved ones, that can only be properly resolved within the confines of the law. Most people know the significance of wills, but there are other considerations such as trusts and Lasting Power of Attorney, or the LPA.

A will is for the distribution of assets after one's death, while an LPA is for the appointment of a person or persons known as the donee to make decisions for you on "health and wealth" before your death. One thing to bear in mind is that the LPA only kicks in in the event of loss of mental capacity.

Or, it may never come into effect at all if the person who appointed the LPA remains mentally healthy.

3 resources + options to care for aging parents

Once there is an onset of a mental issue such as Alzheimer's or senile dementia, it will be too late to make one. The consequences can be serious.

She cites an example where the mother of one client became mentally incapacitated and then fell ill, and the client was unable to sell a private property that she owned jointly with her mother. Without an LPA, she had to apply to the court for deputyship to sell the property, to fund her mother's medical needs. This process cost "tens of thousands of dollars", according to Ms Chia. This also costs money. You can save all this heartache now by doing an LPA. What's the harm? Otherwise, legally, your partner has no say over such matters in such circumstances.

Aside from the LPA, the will is another matter to be considered seriously. For non-Muslims who die without making a will, distribution of assets will be according to the Intestate Succession Act. For example, the surviving spouse will get 50 per cent of assets, with the rest divided among their children. For singles, the assets will go to their living parents.

Author, Doris Inc., A Business Approach to Caring for Your Elderly Parents

Otherwise, it will go to their siblings. Muslims follow the Muslim intestacy law, the faraid. Only one-third of their assets can be willed away, with the rest distributed according to the faraid. For those who don't want to follow the standard distribution rules, making a will is vital. Some people, Ms Chia has observed, don't trust their spouses too much and prefer to give everything to their children. The existence of a will gives much quicker access to assets.

For people who die with a will in place, a Grant of Probate allows the process to move much faster compared to the Letter of Administration for those who die without a will, says Ms Chia. Even so, the existence of a will is no guarantee that it will be carried out. It may be hidden, or lost, or challenged. It's important that the executors of the will - those who will administer and distribute your estate upon death - know where the will is, together with proper instructions on bank accounts, assets and insurance policies.

Details make all the difference. If you sell Property B and you forget to amend your will, one son will end up with nothing. Instead, she recommends that the executor be instructed to sell all assets and for the proceeds to be distributed according to percentages. State of mind and health also matter. It's better to make a will when you are healthy and of sound mind so that there will be no dispute later, Ms Chia advises.

She observes that most people do not think about end-of-life decisions until they are forced upon them. But wills are sometimes contested if the person had made it when they were very old or very sick. Giving the assets in a trust, as opposed to in a will, prevents challenges by family members, says Ms Chia. Often used for succession planning, a trust protects family assets for the good of beneficiaries who are either too young, financially immature or vulnerable until they either come of age or reach a certain maturity.

The assets put into a trust are a gift made in a person's lifetime, and not upon his death. Once the assets vest in the trust, they no longer belong to him.


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The assets will not form part of his assets at the point of his death and hence, a trust cannot be contested, explains Ms Chia. Having a trust could also mitigate the heavy taxes applicable to estate duty in certain overseas jurisdictions, or safeguard assets from the possibility of lawsuits by creditors. One particular group that can benefit are family members with special needs, she adds. Setting up a trust with that particular person as the beneficiary is a way to plan for a day when one can no longer care for him or her in person, says Ms Chia. Perhaps, due to cultural mores, or perhaps the need to "protect" their parents, some children refuse to even talk about death with their elderly parents, even as it is looming.

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Sometimes, the severity of their condition - or even the amount of time they have left - is deliberately kept from them by well-meaning family members, thinking that mentioning it will result in emotional instability. They don't know how to broach the topic. But doctors and healthcare professionals are actively trying to change this mindset with the introduction of the Advanced Care Plan ACP. It is a voluntary discussion on future care preferences between an individual, his or her family and healthcare providers.

While not legally binding, it describes the type of care the person would prefer, if he or she is to become very sick and unable to make healthcare decisions in the future. It encourages people to think about existential issues and helps the people conducting it to get into the value system of the person. Scenarios might change, but the general drift is there, so it will bring some clarity. Otherwise, caregivers who don't know what patients want will end up going on the "path of least resistance", which often means over-investigation of treatment, says Dr Ng.

Doris Inc. (E-Book, PDF)

An AMD allows you to register in advance your wishes not to have any extraordinary life-sustaining treatment to prolong life in the event that you become terminally ill and unconscious and where death is imminent. However, the definition of a "terminal illness" is extremely specific. Among the wealthier and more educated patients or caregivers, Dr Ng has also observed a sub-group of people who approach medical conditions with a consumer attitude.

Instead, he advocates having a doctor as a lohealth partner that you can trust, with a relationship built over a long time. The person can help you clarify your purpose, your goals and the best strategy to proceed. Along the way, he can even do your ACP with you and be a facilitator when it comes to complex family dynamics.

It is not just the medical aspect of health that people should take into account in their last days. There's also the need to think about the social, emotional and psychological state of the person. To cope with the end of life, people must build up psychological preparedness and fortitude, he says. He observes: "Life is impermanent.

Doris Inc.: A Business Approach to Caring for Your Elderly Parents Doris Inc.: A Business Approach to Caring for Your Elderly Parents
Doris Inc.: A Business Approach to Caring for Your Elderly Parents Doris Inc.: A Business Approach to Caring for Your Elderly Parents
Doris Inc.: A Business Approach to Caring for Your Elderly Parents Doris Inc.: A Business Approach to Caring for Your Elderly Parents
Doris Inc.: A Business Approach to Caring for Your Elderly Parents Doris Inc.: A Business Approach to Caring for Your Elderly Parents
Doris Inc.: A Business Approach to Caring for Your Elderly Parents Doris Inc.: A Business Approach to Caring for Your Elderly Parents
Doris Inc.: A Business Approach to Caring for Your Elderly Parents Doris Inc.: A Business Approach to Caring for Your Elderly Parents

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